Opening statement to the Standing Committee on Finance (FINA) by Commissioner Shereen Benzvy Miller
Speech
April 13, 2026
Ottawa, Ontario
Check against delivery
Good afternoon, Madam Chair and members of the Committee.
My name is Shereen Benzvy Miller, and I am the Commissioner of the Financial Consumer Agency of Canada, or FCAC.
I am joined by Deputy Commissioner of Insights, Policy and Financial Literacy, Dr. Manon Bombardier, and Deputy Commissioner of Supervision and Enforcement, Frank Lofranco.
We welcome the opportunity to contribute to the Committee’s study of household debt in Canada.
FCAC’s research shows that many Canadians are under real financial strain.
According to our Monthly Financial Well-being Survey, 40% of Canadians reported their debt had increased in 2025—up from 35% in 2020.
Nearly twothirds say they are carrying nonmortgage debt, with parents and those aged 35 to 54 being the most indebted.
Many organizations have expertise in household debt, including our colleagues here today, and previous witnesses before this Committee.
For our part, we work at the intersection where consumers meet financial institutions and others in the financial ecosystem.
FCAC’s mandate is to protect financial consumers and to empower them to make informed financial decisions.
Our role is to regulate consumer protection by supervising federally regulated financial entities, while also building financial literacy and studying trends and issues that affect Canadians’ financial decisions.
Understanding consumers’ financial challenges enables the Agency and its ecosystem partners to develop evidence‑based approaches that strengthen Canadians’ financial well‑being.
For example, in early 2023, our research was showing Canadians were struggling to manage their mortgages.
In response, FCAC issued a supervisory guideline for banks to proactively contact mortgage holders showing signs of financial stress that could put them at risk of default.
As of December 2025:
account holders for more than 165,000 at-risk mortgages had been contacted by their banks; and
Canadians had avoided over $7.85 million in late‑payment penalties and fees.
Another aspect of consumer protection relevant to the Committee’s study is our oversight of banks’ compliance with disclosure requirements.
Clear disclosure for products like credit cards, mortgages, and lines of credit is essential to help consumers make informed decisions.
FCAC’s supervisory focus is on preventing harm, but when serious market conduct breaches occur, we impose penalties and require banks to reimburse affected consumers.
Since 2024, more than $130 million has been reimbursed to consumer and business accounts.
In addition, over the last 3 years, regulated entities have paid nearly $27 million in penalties for violations of consumer protection provisions.
FCAC’s research also supports data-informed policy development to respond to an evolving marketplace.
Our research has contributed to ongoing legislative and regulatory changes to strengthen consumer protection and support financial well-being including:
the Financial Consumer Protection Framework in the Bank Act;
the modernized Commitment on Low‑Cost and No‑Cost Accounts, which took effect December 1; and
new regulations capping non‑sufficient funds fees at $10, which came into force last month.
These changes benefit all Canadians, but particularly those who are financially vulnerable.
We are now preparing a report on the structure, level, and transparency of fees charged by Canadian banks that will support the Department of Finance’s work to improve competition and innovation in the banking sector.
And we are reviewing banks’ implementation of the legislative requirement to offer financial products and services that are appropriate for consumer’s needs and circumstances.
In closing, household debt is a significant challenge for many Canadians and FCAC will continue to do our part to support them with the tools available to us under our mandate.
Consumers should not face the debt challenge alone and no bank should profit from a poor consumer outcome.
The onus is on the entire financial ecosystem, including governments, industry, and not-for-profit organizations to support better outcomes for financial consumers.
And with that I will conclude my remarks.
Thank you.